How to Know When You Need a New Employee Incentive Program
For your equipment business to succeed, you need a team that is focused and motivated. If your team lacks motivation, chances are you need to focus more on employee engagement. These signs will tell you when you need a new employee incentive program.
High Turnover
If your company experiences high turnover, you likely need a new employee incentive program, especially if you are losing your top performers. Constantly having to replace team members will cause you to waste money, time, and energy on hiring. You also risk losing the trust of your employees. When there is a revolving door of new employees, your existing team will worry about their job security. They don’t know why people are coming and going, so they will start to wonder if the company is eliminating jobs. High turnover also leads to a loss of confidence in management. People will think you don’t have the ability to successfully lead and manage your staff.
Low Morale
Another sign you need a new incentive plan is overall low morale. When morale is low, your team won’t feel motivated to succeed. You can tell you have a problem with morale if you notice an increase in people taking sick days from work, a sharp increase in mistakes or errors from your team members, and an increase in customer complaints. Employees with low morale will often develop an uncooperative attitude, which makes it harder for them to work well with others. They also lose focus, which, in turn, negatively affects productivity and performance.
Difficulty Attracting Talent
If you have trouble attracting quality talent, your employee incentive program could be the issue. High turnover eventually affects your company’s reputation. Candidates are not going to want to work at a company if they hear that new hires frequently leave the company within the first year. They will assume the company is a toxic place to work. Meanwhile, low morale will also hurt your image. People talk. If candidates hear that the people who work for your company are bored, tired, or depressed, they won’t even bother submitting an application.
Your company will never perform the way you need it to if your company experiences high turnover, low morale, and a lack of engagement. Consider what have to offer your employees that is unique and truly rewarding. Having a strategic employee incentive program can help ensure your team remains productive and motivated, while ensuring your company maintains a healthy reputation.
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